Mr. Copeland said Avoka was self-funded until 2013, when the company secured funding from Roger Allen. The new infusion will mostly be allocated toward Avoka Transact.

“The increased funds allow us to continue Avoka Transact as the leading single platform for driving customer-centric digital transformation in finance and government sectors worldwide.”

Other focus areas include further integration of fraud and identity management, funds transfer and core banking connectivity.

Mr. Copeland expects the funds to also grow business in Avoka’s core markets.

“Approximately 65 percent of Avoka’s revenue is derived from North American and European markets, and that is expected to grow substantially following the success of this most recent round of fund-raising.”

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